Withdraw your money from ATMs for free from April 1 2009

 

The Reserve Bank of India (RBI), in a notification, has ordered banks not to charge any fee for cash withdrawal and balance inquiry.

 

All banks charged non-account holders Rs 20 for using their ATMs.

The RBI order does away with that fee but if a customer uses a credit card to withdraw cash, then a bank will charge 2.5 per cent or Rs 300, whichever is higher.

 

For cash withdrawn abroad, the charge is 3.5 per cent of the total amount withdrawn.

 

India has over 32,000 Automated Teller Machines spread all over the country.

 

The RBI order mandates that the ATM network of all the banks will be linked to one centre, the National Financial Switch, which will make ATM transactions seamless.

 

Reference: http://www.rbi.org.in/

 

Bank customers will be able to withdraw money from any bank ATM for free from April 1, says an order by the country’s central bank.

The Reserve Bank of India (RBI), in a notification, has ordered banks not to charge any fee for cash withdrawal and balance inquiry. All banks charged non-account holders Rs 20 for using their ATMs.

The RBI order does away with that fee but if a customer uses a credit card to withdraw cash, then a bank will charge 2.5 per cent or Rs 300, whichever is higher. For cash withdrawn abroad, the charge is 3.5 per cent of the total amount withdrawn.

India has over 32,000 Automated Teller Machines spread all over the country.

The RBI order mandates that the ATM network of all the banks will be linked to one centre, the National Financial Switch, which will make ATM transactions seamless.